Deck 4: Toss for Tots

Question 1

What is the purpose of preparing a backup copy of your data before you finish entering the history

A)to save your data in case of a malfunction
B)there is no reason to make a backup before finishing the history
C)to allow backups to be used after the history is finished
D)to allow the backup of your data to be done automatically

Answer 1

A

Question 2

Which one of the following can be changed from the home window View menu -

A)using accounting or non-accounting terms
B)using cash or accrual based accounting
C)selecting French or English as the working language for the program
D)automatically saving changes to accounts

Answer 2

C

Question 3

In order to access the General Ledger and view a ledger account you would -

A)open the chart of accounts icon and double click the account
B)select the file from the pull-down menu and click open ledger
C)select the account from the drop-down list
D)options a and b are correct

Answer 3

A

Question 4

Why are adjusting entries required before closing the books -

A)to record previously unrecorded purchases
B)to record previously unrecorded sales
C)to adjust all ledger accounts to their correct values at year end
D)to record previously incorrect entries

Question 5

Account types for HST Charged on Sales,HST Paid on Purchases,HST Owing should be -

A)account types G,A,S for the above order
B)account types G,A,T for the above order
C)account types A,A,S for the above order
D)account types A,A,T for the above order

Question 6

Choose the true statement about group accounts and subgroup accounts -

A)the group account is selected when one account is the total for that name
B)the subgroup selection is required when one account must stand alone
C)the group accounts types are non- postable accounts
D)the subgroup accounts are non-postable accounts

Question 7

What does the inkwell symbol on ledgers indicate -

A)the ledger has a malfunction - get help before proceeding
B)the history for the ledger is not finished
C)you must remove it in order to get access to a journal
D)to open the general journal icon,click on it

Question 8

Adding non-postable accounts to your Chart of Accounts -

A)allows you to separate your postable accounts
B)will allow you to classify your accounts with formal accounting headings
C)will allow you to balance your chart of accounts
D)non-postable accounts are not required

Question 9

When changing the system settings what part of the main menu must you select -

A)edit
B)setup
C)maintenance
D)none of the above

Question 10

Which statement about editing accounts is true -

A)you may change group accounts to subgroup accounts without a following subgroup total account
B)you may change subgroups accounts to group accounts
C)you cannot change group accounts to subgroup accounts
D)you cannot change account types

Question 11

Which one of the following comments is true of the Sage 50 Accounting program -

A)the home window modules may be removed or hidden
B)the automatic advice may be removed or hidden
C)the daily business manager lists may be removed or hidden
D)all of the above are true

Question 12

When using only the General Ledger,hiding the other modules -

A)ensures that all accounts are properly set up
B)is an option but is not required before finishing the history
C)will remove the quill pen symbols for all ledgers
D)is necessary before finishing the history for the general ledger

Question 13

Settings for the System do not include one of the following choices -

A)allow future transactions
B)cash-basis accounting
C)display font size
D)accrual-basis accounting

Question 14

Which one of the following methods will not allow you to open a new ledger account -

A)open the chart of accounts icon and proceed to the file menu
B)open new accounts when finishing the history for the ledger
C)select create another while still in the general ledger
D)select the create tool in any ledger window

Question 15

When you create the Chart of Accounts in Sage 50 -

A)subgroup accounts must be followed by a group total
B)group accounts must be followed by subgroup accounts
C)group accounts and subgroup totals must be followed by a group total
D)group headings will be added to the group accounts

Question 16

Before closing the books for a fiscal period,you should print -

A)reports that provide sufficient detail to create new company files if necessary
B)all the reports available through Sage 50 Accounting
C)all the reports in the financials section of the reports menu
D)all of the management reports for the business

Question 17

What types of errors would the program not detect when you finish entering the history -

A)a ledger is balanced,but individual accounts have incorrect amounts
B)incorrectly assigned group account types
C)subgroup accounts not followed by a subgroup total
D)essential linked accounts are not defined

Question 18

How do the Earliest Transaction date and Session date differ -

A)no difference - both serve the same function
B)the earliest transaction date records the entry
C)the session date usually follows the earliest transaction date
D)the session date records the entry

Question 19

When creating the Chart of Accounts it would be very important to -

A)leave spaces between account numbers in order to insert new accounts when required
B)leave spaces between account numbers to allow the computer to function better
C)leave spaces between account numbers for the reporting process
D)spaces do not have to be left between account numbers

Question 20

One of the following statements is true about the sample from a Balance Sheet shown here - Bank A 100
Bank B 200
Cash: Net 300
Accounts Rec 400
Advances Rec 500
Receivables: Net 900
Prepaid Expenses 300
TOTAL CURRENT ASSETS 1 500

A)that Bank A and Bank B are group accounts
B)that Accounts Rec and Advances Rec are subgroup accounts
C)that Cash: Net and Receivables: Net are total accounts
D)that Prepaid Expenses is a group total account

Question 21

If the fiscal start is Jan.1,the fiscal end is Dec.31,the earliest transaction date is Jul.1 and both the latest transaction and the session dates are Jul.31,you will be unable to enter transactions dated before -

A)Jan.1
B)Jul.1
C)Jul.31
D)Dec.31

Question 22

When you see non-accounting terms used in a company data file,you should -

A)change company settings and select Use Accounting Terms
B)close and reopen the data file to see the default accounting terms used
C)accept the terms - you cannot change them and they do not affect the accounting transactions
D)change user preference settings and select Use Accounting Terms

Question 23

After starting a new fiscal period on June 1^st,Net Income on the Balance Sheet for June 1^st has a zero balance because -

A)the net income for May 31^st has not been transferred
B)the net income for May 31^st has been transferred
C)there has not been any income earned for June 1^st
D)closing entries are not required for June 1^st

Question 24

When you start a new fiscal period,the fiscal end date is automatically advanced -

A)to create a new fiscal period of one year
B)to the end of the calendar year for the new start date
C)to match your previous fiscal period,i.e.,by three months if you had a quarterly period before
D)to the new fiscal start date

Question 25

If the new fiscal start date after starting a new fiscal period is July 1,2016,the new fiscal end date will be -

A)December 31,2016
B)June 30,2017
C)July 1,2017
D)July 31,2017

Question 26

One of the following is not an option for account numbering -

A)showing account numbers in reports
B)not using account numbers
C)using account numbers in transactions
D)using more than four digits for account numbers

Question 27

To finish history when you are using only the general journal -

A)you can hide all modules and work in the Classic view
B)you must hide all modules except Company
C)you must hide all the modules that have essential linked accounts
D)you do not need to hide the unused modules

Question 28

Which of the following statements about changing the session date for a new fiscal period is not true?

A)you should make the date change in two steps
B)you must choose the first date of the new fiscal period as the new session date
C)you must set the new fiscal end period before the session date
D)you must not choose a fiscal end date earlier than the session date

Question 29

When creating files for a new company,Sage 50 Accounting -

A)provides two starter files
B)provides templates for various industries
C)provides the opportunity to build the company files from scratch
D)all of the above

Question 30

To use only the General Ledger or Company module features,you must -

A)hide all other module or pages windows
B)hide all modules or pages except Company and Payables
C)hide all modules or pages except Company and Banking
D)you do not need to hide any other modules because they are not used

Question 31

After starting a new fiscal period on June 1^st,the trial balance will show zero balances for Income Statement accounts on June 1^st because -

A)the May 31^st accounts have been closed
B)the May 31^st accounts have not been closed
C)the June 1^st accounts have been closed
D)the June 1^st accounts have not been closed

Question 32

If June 30^th is the session date and the Fiscal Year End,the next session date should be -

A)July 1^st
B)July 31^st
C)June 1^st
D)June 30^th

Question 33

You can access the company system settings -

A)by clicking the Settings icon in a module home window
B)by clicking the the Business Assistant icon
C)by clicking the Maintnence icon in the company module window
D)by performing any of the above steps

Question 34

Which one of the following general statements about closing entries is false -

A)only the asset and liability accounts may be closed
B)Sage 50 closes the appropriate accounts automatically when you start a new fiscal period
C)only the revenue and expense accounts may be closed
D)net income is closed to the retained earnings capital account

Question 35

The terminology for icons in module windows -

A)is the same for all types of industry
B)cannot be changed
C)may change when you select a different industry type
D)always changes when you select a different industry type

Question 36

When accounts are not in logical order -

A)you will be unable to display some reports
B)you can finish the history but you cannot complete journal entries
C)your subtotal accounts may be following the subgroup accounts instead of the group accounts
D)the total of debit and credit amounts in the Trial Balance may be unequal

Question 37

The date field drop-down list for session date windows shows -

A)the session date and the current transaction date
B)the fiscal start and end dates
C)the earliest transaction date,end of fiscal period and the start of the next fiscal period
D)all of the above

Question 38

To change an account type from group to subgroup you should -

A)delete the account and re-enter it with the correct type
B)change the account opening balance to zero and then change the type
C)select the account in the general ledger accounts window and edit the type
D)none of the above